Once you’ve gone through all the time and effort required to get your home on the market, it can be frustrating when the offers don’t roll in.
If your house or apartment isn’t selling, there’s always a reason – and a solution.
There can be many reasons for the challenge, such as the state of the neighbourhood’s real estate market, the economy or your asking price. By identifying the issues and making strategic changes, there is every chance you will turn things around.
It’s always a good idea to take a step back and look at every angle as you consider a new approach.
A first step might be to reassess whether you have the right agent. Have they been proactive and communicative with you? Could they have done more?
The agent plays such a vital role in the marketing campaign and transaction negotiation, it’s only right to ask whether you feel satisfied with their performance. Sometimes, it’s a good idea to interview other agents as you evaluate your situation.
Related to your agent’s performance is the effectiveness of the marketing campaign. Even the most beautiful and well-priced home won’t move if no one knows about it. If your listing isn’t getting attention, it might be time to rethink your marketing strategy.
Common approaches will be to expand your online presence and rewrite your listing description to highlight the key selling points and head off any objections that you’ve already heard.
Here are seven reasons that often cause a home to be “stuck” on the market.
Asking price – Even though your home is filled with memories and it’s been your labour of love, the buyer won’t share the same sentiment. Also, they will usually skip over a home priced higher than comparable opportunities in the area. Discuss an appropriate response with your agent and double-check the current price trends in the area.
Market conditions – Many things are outside of your control, such as economic confidence and mortgage costs. So, that’s all the more reason to double-down to make your property pristine. Well-presented homes will always find a buyer.
Picture this – The quality of photography of your home can make or break a marketing campaign. If your photography is a little dark and uninviting, it’s time to hire a professional real estate photographer to bring your property to life.
Small stuff – Yes, sweat the small stuff! Silly things like leaking faucets and cracks in the footpath put buyers off. A coat of paint will hide many of the knocks and scratches your home will have endured as part of daily life. Don’t give prospective buyers an objection that you can negate.
First impression – Does your home really make a good first impression? Is the paint flaking off the exterior, or does the driveway have weeds growing in its cracks? When did the lawn last see a mower? These are all easy problems to fix but will put off discerning buyers.
Declutter and depersonalise – Buyers must be able to picture themselves in your home, not feel like your guests. So, remove personal touches, such as family photos.
Bad timing? – If you’ve clashed with the holidays or the Easter period, you might find buyers a little thin on the ground. In truth, though, there is never a bad time to sell your home. You can get a great price in winter, just as you might in spring.